Vietnam to post 5.98 pct GDP growth in 2014: Govt

HANOI (Xinhua) – Vietnam is expected to post an economic growth rate of 5.98 per cent in 2014, the country’s General Statistics Office said on Saturday.

The office said in its monthly statistical report that the country’s gross domestic product (GDP) witnessed an increase of 5. 06 per cent in the first quarter, 5.34 per cent in the second quarter, and 6.07 per cent in the third quarter while the fourth quarter is estimated to see a growth of 6.96 per cent.

“This year’s GDP growth rate is higher than the rate of 5.42 per cent in 2013 and 5.25 per cent in 2012, showing positive signals of the economy,” the statistics agency said. The sector of agriculture, forestry and fishery is likely to see a growth rate of 3.49 per cent in 2014, contributing 0.61 per centage points to the whole increase, while the industry and construction sector to expand by 7.14 per cent (2.75 per centage points) and the service sector 5.96 per cent (2.62 per centage points), said the office.

Agro-forestry-fishery accounted for 18.12 per cent of the whole economy, industry and construction 38.5 per cent, and service 43.38 per cent, while the ratio in 2013 was 18.38, 38.31 and 43.31.

Earlier this week, the statistics office said Vietnam’s Consumer Price Index (CPI), the main gauge of inflation, is expected to post a year-on-year increase of 4.09 per cent in 2014, lower than the set target of 5 per cent.